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Stocks weak as Texas braces for more rainfall

Stocks (^DJI, ^GSPC, ^IXIC) a little weak here as Texas braces for another round of epic rainfall. Plus – as Houston recovers, how will its businesses get back on their feet? The CEO of Waste Management, a Houston company, tells us how. And – the big Apple event is one step closer to reality. We break down why this is Apple reveal is its biggest in years. Plus – time to buy gold? Michael Batnick tells us why he’s buying. Catch The Final Round at 4 p.m. with Myles Udland and reporter Seana Smith.

Winners and losers

Stock in the red today include Sprouts Farmer Market as Amazon unveils deep discounting at Whole Foods, Travelers as the insurer under pressure with steep hurricane-related losses on the horizon, and Expedia – shares of the travel-site getting downgraded by investors on reports its CEO left the firm to become Uber’s new CEO.

Stocks in the green today include IXYS as the chipmaker will be bought by rival Littlefuse for $750 million, Thor Industries as the RV maker is seen to get boost from mobile housing needed in the wake of Hurricane Harvey, and Kite Pharmaceuticals – shares surging as Gilead will buy the biotech name for $11.9 billion, boosting Gilead’s pipeline in cancer immunotherapy treatments.

Time to buy gold?

When you hear the term gold bug, what often comes to mind is a “prepper” – someone making sure they have the physical metal in hand and a hard currency for the fallout from some capitalism-shattering event. Michael Batnick, director of resarch at Ritholtz Wealth Management, is not one of these folks. In fact, he’s not much of a gold bug. But on Monday, Batnick said that this week he will put 10% of his portfolio in the yellow metal, and he joins us now to talk about why.